Impact Financial Systems, Inc. (IFS), the leading provider of business process automation solutions for the financial services and insurance industries, announced today that Vantis Life Insurance Company has selected expedite, IFS’s eDelivery platform. Vantis Life will use expedite to fulfill the process of delivering its life insurance and annuity contracts electronically to a multitude of channels.
Vantis Life will focus initially on using expedite to electronically deliver policy packages and documents for their life insurance business within their direct marketing division. In 2018, the organization anticipates a full rollout for all of its products in both their direct and bank channels.
Vantis Life chose expedite for a variety of reasons, but the ability to take a variety of document types—not just PDFs—and dynamically build the policy package on the fly was key in the decision-making process. While other platforms require all of the documents be presented in the data feed, expedite is able to combine files from the data sent by the carrier with other files stored in the expedite library. All of which are compiled by expedite’s robust rules engine.
Paula Egan, Vice President of Operations for Vantis Life, said, “We are thrilled to embark on this journey of transformation with IFS and expedite. expedite is a perfect fit for us and will play a key role in helping us meet our eDelivery and broader organizational goals over the next few quarters. We could not have reached our eDelivery goals without expedite’s flexibility when it comes to how we send and receive data, manage forms collection, and helping us build our policy records on the fly.”
Egan also commented that expedite’s speed-to-market was a significant selling point for Vantis Life. In fact, the entire implementation process—from contract signing to going live—is estimated to be less than 8 weeks.
“The quick implementation timeline for this project is a testament both to how motivated and agile the Vantis Life team has been, and the flexibility of expedite,” said Roy Goodart, IFS Managing Director of Insurance Solutions. “We’re finding that our philosophy—that eDelivery solutions should be easy to implement and maintain, giving carriers the power to manage their own processes –is really resonating with insurance organizations right now.”
For Vantis Life, expedite’s flexible workflow also allows for a carrier QA step at the beginning of the process, which will reduce the reissue rate in the field. Additionally, automated rules will allow distributors to build their own additions to the workflow, and auto-approve or re-route incoming policies on a case-by-case basis.
Sample items of upcoming 2018 project phases include:
You can learn more about expedite, an innovative electronic document delivery platform, designed specifically for the insurance and financial sector, here.
IFS provides solutions that help insurance and financial services firms focus on their customers and manage operational compliance by automating business processes. IFS’s suite of insurance solutions automates processes for the entire insurance cycle, from account opening and annuity account maintenance to money movement, while also enabling electronic contract, policy or document delivery. Our solutions are used by some of the world’s largest insurance, brokerage, wealth and banking companies. To learn more about IFS, please visit www.ifsautomation.com.
About Vantis Life
Vantis Life Insurance Company was established in 1942; from its inception, the company’s primary goal has been to provide families with affordable life insurance and annuity products. Vantis Life markets its products through financial institutions and direct to the consumer. In December 2016, Vantis Life joined the Penn Mutual family. Together they will continue to provide simple, easy-to-afford products to hard working American families and support these products with attentive and personal customer service.
# # #